$5 Billion Investment in Bank of America - A Risk Taken by Buffet
>> Saturday, August 27, 2011
Amidst the threat about the long-term health of Bank America, Warren E. Buffet has recently invested $5 billion as his courageous display of faith in America’s biggest, and most beleaguered financial institution.
Bank of America already had to set aside around $20 billion to fix its mortgage misdeeds at the height of the housing bubble.
Bank of America’s problems are emblematic of the economic woes facing the country in general and the housing market in particular. Its fortunes have been waning as the outlook for growth has darkened and the financial markets have gyrated.
More than some other large banks, Bank of America’s fate is also heavily intertwined with that of consumers. It services one in five home loans, and with 5,700 branches assembled through decades of mergers, it counts 58 million customers. [Read Full Article]
Bank of America already had to set aside around $20 billion to fix its mortgage misdeeds at the height of the housing bubble.
Bank of America’s problems are emblematic of the economic woes facing the country in general and the housing market in particular. Its fortunes have been waning as the outlook for growth has darkened and the financial markets have gyrated.
More than some other large banks, Bank of America’s fate is also heavily intertwined with that of consumers. It services one in five home loans, and with 5,700 branches assembled through decades of mergers, it counts 58 million customers. [Read Full Article]
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